UAE markets rise, Saudi falls on profit-booking

04/05/2010 00:00 AST

Middle East markets were mixed yesterday with a surge in shares of Union Properties helping lift Dubai’s benchmark, while Saudi Arabia fell for the second day as investors booked profits.

Union Properties rose 6.1% after reporting a 66% rise in first-quarter profit. The developer also received shareholder’s approval to extend its debt maturities.

Dubai’s index rose 0.7% to 1,737 points. Abu Dhabi’s measure rose 0.8% to 2,795 points. Saudi Arabia’s index slipped 0.2% to 6,892 points.

Kuwait’s measure fell 0.6% to 7,266 points. Oman’s index rose 0.03% to 6,852 points.

“UPP results were above expectations. Of course, the company needs to restructure debt but they are looking good now. If they manage to sell Ritz Carlton that could create additional liquidity,” said Haissam Arabi, chief executive and fund manager at Gulfmena Alternative Investments.

UAE markets were also helped by optimism of a resolution to Dubai World’s restructuring plan after the head of HSBC’s Middle East operations said the plan is “very fair” and a deal could be signed in coming weeks.


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